S&P assigns General Growth BB, notes BB+

Standard & Poor's said it assigned its BB corporate credit rating to General Growth Properties Inc.

The outlook is stable.

The agency said it also assigned a BB+ credit rating and a 2 recovery rating to the company's $1.65 billion of senior unsecured issues that are being reinstated or newly issued as a result of the company's reorganization.

"Our unsolicited ratings on General Growth reflect the company's satisfactory business risk position as the second-largest U.S.-based mall owner after completing one-and-a-half years of restructuring following its April 2009 bankruptcy filing," said credit analyst Scott Sprinzen.

"The company has a high degree of geographic diversity within the U.S., benefits from the diversity and competitive strength of its retailer tenant base, and has made significant progress over the past two years to improve its operating efficiency, including reducing corporate overhead costs."

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